Wednesday, July 17, 2019

Combat rent seeking activities

Have you heard of the term "rent seeking"?

The definition is:
Rent-seeking is an attempt to obtain economic rent (i.e., the portion of income paid to a factor of production in excess of what is needed to keep it employed in its current use) by manipulating the social or political environment in which economic activities occur, rather than by creating new wealth.

The Singapore economy has a large portion of rent seeking activities.

We need to find ways to control these activities which could lead to corrupt practices.
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